A minimum amount has been determined for the size of the investment project in Azerbaijan

A minimum amount has been determined for the size of the investment project in Azerbaijan
In Azerbaijan, the areas of economic activity, territories and zones where investment is carried out, as well as the minimum amount related to the size of the investment project, have been approved.

According to Qazet.az reports, President Ilham Aliyev signed a decree in this regard.

According to the decree, the minimum investment amount will be implemented in Baku (with the exception of Rasulzade settlement of Binagadi district, Narimanov, Nasimi districts, Keshla settlement of Nizami district, Badamdar and Bibiheybat settlements of Sabail district, Ahmedli settlement of Khatai district and Yasamal district), Sumgayit, Ganja cities and Absheron district. 5 million manats for projects, 3 million manats for projects to be implemented in other areas;

The investment promotion document is issued to legal entities and individual entrepreneurs presenting the following projects within 3 years from January 1, 2023:

- projects to be implemented in industrial districts and agricultural parks;

- projects to be implemented in tourism and recreation zones;

- Projects to be implemented in other cities and regions, except Baku, Sumgayit, Ganja cities, Absheron region and territories freed from occupation;

- Strategic investment projects to be implemented in the directions determined by the President;

Legal entities whose shares (shares) are 30% or more directly or indirectly owned by the state and public legal entities created by the state are not issued an investment promotion document.

The Cabinet of Ministers must approve within three months the list of goods positions for which the approval document for the import of machinery, technological equipment and devices is to be issued to legal entities and individual entrepreneurs who have received the investment promotion document, and resolve other issues arising from this decree.

To submit proposals to the Ministry of Economy on the direction of strategic investment projects to the head of state within three months, and to acquire (buy, manufacture, build or install) fixed assets at the expense of investment funds within the framework of the investment project implemented by legal entities and individual entrepreneurs who have received the investment promotion document. to report to the President once a year and to take necessary measures to resolve other issues arising from this decree.